Markets > Commodities

Oil prices end mixed amid U.S. crude inventory data

Xinhua Financein ​NEW YORK
2018-06-01 09:06

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Oil prices settled mixed on Thursday as traders digested the newly-released U.S. crude stockpile data.

The U.S. Energy Information Administration (EIA) said in a weekly report on Thursday that the country's crude stocks dropped by 3.6 million barrels last week, exceeding market expectations.

However, the decrease in crude stockpiles were somewhat offset by a surprise gain on fuel stocks.

U.S. gasoline stocks rose by 534,000 barrels, while distillate stockpiles jumped by 634,000 barrels, said the EIA. Inventories of both products were expected to fall by more than a million barrels.

Meanwhile, traders have been paying close attention to reports surrounding the intentions of Organization of the Petroleum Exporting Countries (OPEC) and other major producers outside the cartel, particularly Russia, who were said to be weighing a boost to output.

The West Texas Intermediate for July delivery fell 1.17 U.S. dollars to settle at 67.04 dollars a barrel on the New York Mercantile Exchange, while Brent crude for July delivery added 0.09 dollar to close at 77.59 dollars a barrel on the London ICE Futures Exchange.
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